Zimbabwe devalues its gold-backed currency by 40% after just 6 months, proving that centralized monetary systems are always structured to the advantage of those in power. With bitcoin, everyone can be their own sovereign central bank.
10 sats \ 0 replies \ @IamSINGLE 5h
I've listened tagt African people are already getting smart and they already know that their currencies are all rekt so they either use Dollars or Bitcoin now. For transactions and investment Bitcoin is getting popular at a very fast rate there.
reply
47 sats \ 3 replies \ @yoshi 4h
What is the rebuttal from all the gold bugs? There centralised party is more reputable?
Gold is a shit coin. I actually did buy some a couple of years ago and all it did was further confirm its shit coinery.
reply
47 sats \ 0 replies \ @stack_harder 4h
this isn't gold's fault, this is the Zimbabwe government devaluing it.
reply
47 sats \ 1 reply \ @rebel_nomad 4h
Not seeing the use of gold always points to lack of real world experience for me, at least.
When I drive around in Asia with no helmet, no insurance, no recent paperwork or license, but with 4 ounces around my neck... Well I'll be covered even if something catastrophic should happen!
In terms of investments for the future its all about Bitcoin of course, but some gold is important, its real money after all...
reply
0 sats \ 0 replies \ @yoshi 2h
I carry cash if overseas. I’m not going to start bartering with jewellery.
reply
47 sats \ 0 replies \ @User21000000 4h
40% is a solid amount! 😯
reply
47 sats \ 0 replies \ @rebel_nomad 5h
Well, I'd rather say its Zimbabwe that fails... Whatever tiny shreds of gold that might remain in the country won't fail that easily!
But sure, Bitcoin is by far better to buidl on in a country and situation like this :-)
reply
47 sats \ 0 replies \ @iamjerry 5h
This failure has indeed proved bitcoin to be right in solving the many inherent problems of centralized systems.
reply
0 sats \ 0 replies \ @Cje95 1m
I feel like this means it isnt gold backed or am i missing something? Did the central bank sell gold or something to cause this?
reply
0 sats \ 0 replies \ @Undisciplined 21m
That was even faster than I expected.
reply
0 sats \ 0 replies \ @jgbtc 1h
Who didn't see this coming a mile away?
reply
0 sats \ 0 replies \ @xz 3h
IMO, it's kind of silly to seperate where the fault lies here. The problem always seems to go back to the custodian problem. Stack ounces? Then there's a portability problem. Makes a wonderful dowry, I guess and keeps the pleb in their distinct cultural class.
reply